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Coding Bootcamp Loans

Coding Bootcamps Loans: 7 Ways To Pay for Your Bootcamp

7 minute read | September 26, 2022
Monica J. White

Written by:
Monica J. White

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One of the biggest draws of a coding bootcamp is the affordable pricing, at least compared to a college degree program. Still, coding bootcamps aren’t cheap. And while some students can pay upfront, many would-be coders don’t have $10,000-15,000 on hand. So it’s no surprise that loan companies have begun catering to the bootcamp audience, just as they do with student loans for college degrees.

Although student funding is becoming more accessible and easier to apply for, it’s still not a decision to be taken lightly. There are many things to consider, including companies, types of loans, and other financing methods.

That’s why we’ve created this guide. Below, we’ll tell you everything you need to know about coding bootcamps loans, along with the seven best lenders, so that you can make an informed decision.

Is It Worth Taking Out a Loan for a Coding Bootcamp?

It depends. Consider how much more money you’d potentially make once you’ve completed the bootcamp. It’s also worth thinking about whether you’d be willing to pay that amount if you had that money on hand right now.

How Much Do Bootcamps Cost?

According to a study by Course Report, the average online coding bootcamp costs $12,898 and lasts for 24.3 weeks. Comparing prices against this average is a good way to make an initial judgment on the school, as bootcamps whose prices are drastically lower or higher may be suspicious.

Related Read: What Is Coding?

Best Coding Bootcamp Loan Providers

There are several companies that help aspiring software engineers find funding for bootcamps, some of which are tailored socially to this form of education. Here are some of our favorites.

Climb Credit

Coding Bootcamp Loans - Climb Credit

Climb has tailored its business model specifically around providing loans for coding bootcamps and trade schools. You can apply in five minutes and receive an answer instantly without affecting your credit score.


Coding Bootcamp Loans - Earnest

Earnest offers student loans for accredited universities, but it can also provide a private student loan that can help you fund a bootcamp.


Coding Bootcamp Loans - Ascent

In addition to offering university funding, Ascent has a service catered specifically to career training bootcamps. It also offers scholarship programs that anyone can apply for.


Coding Bootcamp Loans - Upstart

Personal loans at Upstart can be used to fund bootcamps, but it has also partnered directly with several popular schools to help make it even easier for students to get credit. Initial soft credit checks will not affect your credit score.

Sallie Mae

Coding Bootcamp Loans - Sallie Mae

Sallie Mae offers Smart Option Student Loans for Career Training, which are tailored toward educational courses like tech bootcamps. Monthly payments can start as soon as you take the loan or be deferred until you graduate from your coding course.


Coding Bootcamp Loans - Quotanda

Rather than students going directly to the loan company, Quotanda partners with schools to help them provide funding for their students.

Factors To Consider When Choosing a Coding Bootcamp Lender

The world of loans and funding can be difficult to navigate, especially if it’s your first time. Many companies will expect you to already understand the fundamentals of the lending process and use a lot of terminologies you may not be familiar with. In this section, we’ll cover the most important aspects to know if you’re considering a loan to fund your coding education.

Annual Percentage Rate (APR)

Annual Percentage Rate (ARP)

Source: Insider

The annual percentage rate tells you the full amount of fees and interest that you will pay each year as a percentage of your loan amount.

For instance, if you borrow $10,000 with a 10% APR, your annual fees will amount to $1,000. APRs vary from company to company and can range from 0% to 30%.

With APRs, the longer you take to pay back your loan, the more you’ll have to pay. Because of this, it’s important to consider how much money you’ll be able to set aside every month for repayments.

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Repayment Period

Depending on the company, there may be a set amount of time in which you need to repay your loan in order to avoid additional fees. The length of the repayment period is at the discretion of the company, so you’re likely to see a lot of variation. Some companies don’t have a repayment period, which means APR fees will continue to build up year after year.

It’s important to know the repayment period for the company you choose, so you know that you have enough time to comfortably pay back your loan.

Eligibility Criteria

Eligibility criteria for loans

Source: Slide Geeks

Your eligibility will be dependent on your credit score and the bootcamp program you are planning to enroll in. Most private lenders check the school before accepting you in order to make sure it meets their educational standards.

If the school has a bad reputation or is connected to scams, the bootcamp student is much less likely to gain value from it and find employment after graduating, which could affect their ability to repay their loan promptly.

Flexible Repayment Options

Source: Nexo

It’s often beneficial to choose a lending company with flexible repayment options. Common payment options include:

  • Beginning repayment as soon as you take the loan, including your time at school and grace period 
  • Paying in smaller installments during your course, and beginning in full after the grace period ends 
  • Waiting until you graduate and your grace period ends to start repayments

Note: The grace period is an amount of time offered by the lending company after graduation, during which you are not obligated to make repayment installments. This is for the purpose of allowing the student to settle down and focus on finding a job after graduation. A common grace period is six months long.

Terms and Conditions

Even if the company you choose is well-reviewed and trusted, there can be terms and conditions you might not expect. This is especially true if you haven’t borrowed before and don’t have prior experience to draw on. It’s our best recommendation that you thoroughly read the terms and conditions before taking a loan, even though it can be quite a task.

Dedicated Partnership With Bootcamps

Dedicated Partnership With Bootcamps

When a lending company partners directly with a bootcamp provider, it becomes easier for any student enrolled in the program to receive funding. There can also be other kinds of perks depending on the company, and the partnership makes the enrollment and funding process much smoother for the student.

Lender’s Reputation

Reputation is always an important thing to consider, both with bootcamps and bootcamp lenders. Searching for bootcamp reviews and reviews of lending companies online is a good way to get an impression of their reputation.

Other Ways To Finance Your Coding Bootcamp

Although federal student aid is not available to bootcamp students, there are a number of other ways to fund your education and land your dream job as a coder. Here are six additional financing options to consider.


Bootcamp scholarships that are offered by the platform - Springboard

Bootcamp scholarships can often be found directly on the bootcamp websites, and most are aimed at specific groups of people. Commonly offered scholarships include:

  • Women in Tech scholarship
  • Diversity in Tech scholarship 
  • Needs-Based scholarships 
  • Veteran scholarships

The amount of money provided can vary based on the scholarship or your application, ranging from $500 to the full price of tuition.

Income Share Agreements

income share agreements

Source: Maratas

ISAs are a type of payment that allows students to enroll in a bootcamp while paying little upfront cost. Instead, after they graduate and land a job in the tech industry, they agree to share a percentage of their wage with the bootcamp provider for a set amount of time.

These agreements can come with a number of stipulations based on age, location, and citizenship, and include requirements on the kind of job graduates can accept.

Personal Loan

When considering loans, companies that cater specifically to bootcamps are not the only option. You can also choose a standard private loan company, in the same way, that you might for a car loan. This can be a good loan option for experienced borrowers who have a company they trust and know well.

GI Bill (Military)

The GI Bill is a law that provides a number of benefits to military personnel, veterans, and their families. Educational benefits can help cover some or all of the cost of coding bootcamps or other educational courses.

Government Aid—The Educational Quality Through Innovative Partnerships (EQUIP) Program, From the U.S. Department of Education

This program was the government’s first step towards providing federal aid for non-traditional educational courses like coding bootcamps. It paired universities with online course providers such as Flatiron School, to provide students with a way to apply for federal student loans.

Work Freelance or Part-Time

Working while studying is a common option for students attending accredited colleges, and it’s perfectly normal for bootcamps students to do this as well. Many bootcamps are provided as part-time courses with flexible schedules, providing plenty of time for part-time or freelance work.

FAQs About Coding Bootcamp Loans

To finish, here are some frequently asked questions on coding bootcamp loans and skills fund accessibility.

How Much Money Can I Make After a Coding Bootcamp?

It depends, but bootcamp providers usually analyze their own data to provide statistics on their own graduates. Springboard’s Software Engineering Bootcamp, for example, reports an average salary increase of $26,559.

Can FAFSA Pay for Bootcamps?

No. However, experiments like EQUIP did begin looking into the possibilities for federal loans for non-traditional education in the future. 

Are There Government Grants for Coding Bootcamps?

Yes! The Workforce Innovation and Opportunity Act (WIOA) is a government skills fund program that can help low-income, dislocated workers, and out-of-school youth train to re-enter the workforce. WIOA-approved coding bootcamps do exist in a lot of states, and can provide a path to funding for eligible individuals.

Since you’re here…
No one wakes up knowing how to code – they learn how to code. Tens of thousands of students have successfully learned with our courses, like our Software Engineering Bootcamp. If you’re a total newbie, our Software Engineering Career Track Prep Course will be a perfect fit. Let’s do this!

About Monica J. White

Monica is a journalist with a lifelong interest in technology, from PC hardware to software and programming. She first started writing over ten years ago and has made a career out of it. Now, her focus is centered around technology and explaining complex concepts to a broader audience.